ResearchMoz

2020 Foresight Report: Operational Efficiency in Non-Life Claims

Timetric
Published Date » 2013-09-13
No. Of Pages » 50

Synopsis

  • The report provides information and insights into the key technologies driving operational efficiencies in claims handling processes in the non-life insurance segment across the world. It also provides an in-depth analysis of the role that some of the key regulations across the world are playing in improving claims management operations. The report provides
  • Intensive analysis of the key technologies playing a pivotal role in enhancing the operational efficiencies in non-life claims in terms of reducing claims resolution time, claims handling expenses and increased identification of fraud
  • Comprehensive picture of the key trends, drivers and challenges related to the above technological trends and case studies illustrating the impact of these technologies
  • Detailed assessment of how some of the important regulations across the world are impacting claims processing efficiencies
  • Insights into how changing economic fortunes impact non-life claims

Executive summary

Globally, non-life insurance companies have been registering increasing payouts on account of claims. To deal with this situation, non-life insurers have been taking measures to make their claims management processes more efficient to reduce claim payouts and to curb claims-handling expenses. Non-life insurers are employing advanced technologies to improve their claims management processes. One of these technologies is integrated claims management systems (ICMSs). 

Non-life insurers have been implementing ICMSs to ensure that they can keep in contact with customers through the customers' preferred devices. ICMS are also being employed to gain a clearer view of claims data, which will help in identifying fraudulent activity. Non-life insurers have also been using predictive analytics to determine specific choices at the time of claims processing and to determine the long-term business potential of customers so that they can be provided with a better claims service.

Scope

  • This report provides a detailed analysis of some of the key technologies that are being adopted to improve operational efficiencies in the processing of non-life insurance claims
  • It details the claims ratios registered by some of the important non-life insurance segments across the world
  • It analyses the role being played by some of the important regulations across the world in improving non-life claim processing efficiencies
  • It analyses the impact that economic downturns can have on non-life insurance claims

Reasons to buy

  • Gain insights into the latest technologies that are being adopted by non-life insurers to improve efficiencies in claims management
  • Be informed of the performance of key non-life insurance markets across the world in terms of their claims ratios
  • Comprehend how some of the key regulations across the world have been influencing non-life insurers to improve their claims management efficiencies
  • Understand how economic downturns can lead to an increase in non-life insurance claims

Key highlights

  • Integrated claims management systems, predictive analytics, mobile devices, claims document and content management systems, straight-through processing and telematics are the important technologies being employed by non-life insurers to improve operational efficiencies in handling claims
  • The above technologies are mainly helping non-life insurers to reduce the claims resolution time, the expenses related to claims processing and payouts on account of fraudulent claims
  • The US’s Patient Protection and Affordable Care Act (PPACA) has been making non-life insurers improve their claims management efficiencies by increasing the competition through establishment of health insurance exchanges and by restricting the proportion of premiums that can be spent on, among others, claims handling expenses
  • Solvency II is being instrumental in the improvement of claims management efficiencies of non-life insurance companies by linking capital adequacy to, among others, claims-related risks
  • The claims ratios of several key non-life insurance markets are increasingly being adversely impacted due to the occurrence of natural catastrophes
  • At the times of economic downturns, there is an increase in payouts on account of fraudulent claims in the non-life insurance segment, especially in developed countries
Table of contents

1 Executive Summary

2 Global Snapshot
2.1 Analysis of Key Performance Indicators
2.2 Key Trends and Drivers

3 Functional and Operational Impact of Regulations on Non-Life Claims
3.1 Patient Protection and Affordable Care Act
3.2 Solvency II
3.3 Regulations Propelling the Adoption of Usage-Based Insurance

4 Technology Trends in Non-Life Claims
4.1 Integrated Claims Management Systems
4.1.1 Introduction
4.1.2 Trends, drivers and challenges
4.1.3 Implementation strategies
4.2 Predictive Analytics
4.2.1 Introduction
4.2.2 Trends and drivers
4.2.3 Implementation strategies
4.3 Claims Document and Content Management Systems
4.3.1 Introduction
4.3.2 Trends and drivers
4.3.3 Implementation strategies
4.4 Mobile Solutions
4.4.1 Introduction
4.4.2 Trends, drivers and challenges
4.4.3 Implementation strategies
4.5 Straight-Through Processing
4.5.1 Introduction
4.5.2 Trends, drivers and challenges
4.5.3 Implementation strategies
4.6 Telematics
4.6.1 Introduction
4.6.2 Trends, drivers and challenges
4.6.3 Implementation strategies

5 Market Dynamics Related to Economic Risk

6 Appendix
6.1 Methodology
6.2 Contact Timetric
6.3 About Timetric
6.4 Timetric’s Services
6.5 Disclaimer

List of Tables


Table 1: Claims Ratios Registered in Key Non-Life Insurance Markets in 2008 and 2012
Table 2: Non-Life Insurers’ Claims Function – Key Trends and Drivers

List of Figures


Figure 1: ICMSs – Trends, Drivers and Implications
Figure 2: Predictive Analytics – Trends, Drivers and Implications
Figure 3: Santam’s Deployment of Predictive Analytics to Fight Fraudulent Claims
Figure 4: Discovery’s Deployment of Analytics Infrastructure to Speed Up Data Processing
Figure 5: Claims Document and Content Management Tools – Trends, Drivers and Implications
Figure 6: Support Provided by Mobile Solutions in the Event of a Car Accident
Figure 7: Mobile Solutions – Trends, Drivers and Implications
Figure 8: ICICI Lombard’s Empowering its Motor Insurance Customers with a Mobile Application
Figure 9: Aetna’s Deployment of Mobile Application to Enable Faster Refunds
Figure 10: STP – Trends, Drivers and Implications
Figure 11: Telematics – Trends, Drivers and Implications

Upcoming Reports:

Smart Weapons Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019
By - Transparency Market Research
For rapidly growing and modernizing countries smart weapons is the new term rising in their forces and military organizations. These are the weapons, bomb or missiles having televisions, lasers or satellite locator to achieve target precisely. Laser guided weapons works on a principle that pilot fixes the laser beam on target, when the weapon is launched it automatically adjusts its path with the help of a computer. Television assistance uses camera at the tip of the weapon so live images can be tracked. Satellite locators can be used in these weapons to locate their actual positions and...
Ethylene and Propylene Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2012 - 2018
By - Transparency Market Research
Ethylene is a hydrocarbon which is widely used in the chemical industry and as a natural plant hormone. It is used in many industrial reactions such as in polymerization, halogenations and hydrogenation, alkylation, hydration, oligomerization, and hydroformylation. A large amount of ethylene which is produced goes into the manufacturing of ethylene oxide, ethylbenzene, ethylene dichloride, and polyethylene. The applications of ethylene include those in packaging, trash liners, carrier bags, surfactants, detergents, automotive antifreeze, rubber, anesthetic agent, fruit ripening,...
1, 3 Butadiene Market & Downstream Applications - Industry Analysis, Market Size, Share, Trends, Growth And Forecast, 2009 - 2018
By - Transparency Market Research
The world market for 1,3 butadiene is largely driven by demand for elastomers due to their extensive use in manufacture of tires. The global market for 1,3 butadiene was estimated at USD 22 billion for the year 2011, and is estimated to rise by 45.6% in the next 5 years and reach a market size of approximately 32 billion by year 2018. The demand for elastomers is expected to rise at a CAGR of 5.8% during 2012 – 2018, which in turn will drive the 1.3 butadiene market growth, growing at 6.5% during the same period. The market for butadiene, segmented on the basis of...

Research Assistance

We will be happy to help you find what you need.
Please call us or write us:

866-997-4948 (Us-Canada Toll Free)
Tel: +1-518-618-1030
Email: sales@researchmoz.us
Select License type:

Share this report

Related News

Scientists Identify Cure for Dengue
Apr 18, 2014  
In a breakthrough discovery that can change the way dengue is treated, scientists have identified a drug target for the deadly dengue viruses. This discovery may help pave the way for discovery of vaccines that can cure this condition that affects nearly 390 million people throughout the world each year.  Scientists have used a new technique for this discovery to show that a region...
India is Facing a Cancer Crisis
Apr 15, 2014  
India is currently facing a cancer crisis – reports a recent research carried out at the King’s college London, in collaboration with the Tata Memorial Cancer Centre, Mumbai.  The reasons estimated for this crisis comprise of increasing rates of smoking, unequal access to proper treatment and belated diagnosis.  Every year, India witnesses around one...
Microparticle Tags to Check Counterfeit Goods Invented
Apr 14, 2014  
Researchers from the Massachusetts Institute of Technology have invented a new set of microparticles that can easily be read by smartphones and establish the authenticity of currency, electronic items and luxury goods.  This strategy is among those countless measures taken by big brands and companies to label their legitimate products in order to stop illegal copies of the...
USFDA Approves Lupins Generic Diabetic Drug
Apr 10, 2014  
The United States Food and Drugs Administration (USFDA) has finally approved Lupin Pharmaceuticals Inc (LPI), the American subsidiary of Indian drug manufacturers Lupin Ltd, to sell Pioglitazone Tablets in the U.S market. The approval has been granted first for fiscal 2015.  Pioglitazone is a generic medicine used for managing diabetes and is a version of Actos tablets...
Infrared Sensors can Soon Be Used to Develop Night-Vision Lenses - A New Discovery Confirms
Apr 8, 2014  
People who fear the dark may soon have a reason to rejoice – an infrared sensor that can eventually be used for mechanizing night-vision lenses has been developed. This effectively means that one can also see through dark with the help of these lenses.  This technology seems possible all due to graphene, a layer of tightly packed carbon atoms that has allowed the creation of...